EU Cyprus Ultimatum Sends Gold Higher

Gold Silver GLD IAU SLVGold gained in Thursday trading after the European Union warned Cyprus that if it didn’t raise billions of euros needed for a bailout, aid to its banks could be cut and the country might be expelled from the eurozone. Earlier this week, the country’s legislature rejected a plan that would have seized a portion of private bank deposits to fund the bailout.

Gold futures for April delivery climbed 0.4% to $1,613.80 ounce on Thursday, according to CME Group. Gold traded as high as $1,616.50 and as low as $1,603.60. Gold bullion closed in London at $1,615, according to BullionVault.

Silver futures for April delivery rose 1.4% to $29.19 per ounce. Thursday’s high for silver was $29.26, while the low was $28.79.

Gold and silver funds improved in Thursday trading.

  • The SPDR Gold Trust (NYSE:GLD) rose 0.6%.
  • The iShares Gold Trust (NYSE:IAU) increased 0.5%.
  • The iShares Silver Trust (NYSE:SLV) advanced 1.3%.

Gold and silver mining ETFs also moved up during the day.

  • The Market Vectors Gold Miners ETF (NYSE:GDX) surged 2.6%.
  • The Market Vectors Junior Gold Miners ETF (NYSE:GDXJ) improved 1.7%.
  • The Global X Silver Miners ETF (NYSE:SIL) gained 1.5%.

Gold mining shares posted gains on Thursday.

  • Agnico-Eagle Mines (NYSE:AEM) climbed 1.5%.
  • Barrick Gold (NYSE:ABX) rose 2.8%.
  • Eldorado Gold (NYSE:EGO) added 2.2%.
  • Goldcorp (NYSE:GG) also gained 2.2%.
  • Kinross Gold (NYSE:KGC) rose 2.5%.
  • Newmont Mining (NYSE:NEM) increased 2.7%.
  • NovaGold Resources (AMEX:NG) surged 3.9%.
  • Yamana Gold (NYSE:AUY) improved 2.9%.

Silver mining shares also moved higher.

  • Coeur d’Alene Mines (NYSE:CDE) gained 1.2%.
  • Hecla Mining (NYSE:HL) rose 2.7%.
  • Pan American Silver (NASDAQ:PAAS) soared 4.3%.
  • Silver Wheaton (NYSE:SLW) advanced 2.6%.
  • Silver Standard Resources (NASDAQ:SSRI) surged 4.7%.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault contributed to this report.


Article printed from InvestorPlace Media, https://investorplace.com/2013/03/eu-cyprus-ultimatum-sends-gold-higher/.

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